It seems that all the news today is somewhat related to the comments made by the United States treasury secretary, Steven Mnuchin in regards to Bitcoin and Facebook’s upcoming Libra cryptocurrency.
Now, the CEO of Ripple, Brad Garlinghouse has said that he has spoken with Mnuchin in regards to how the Trump Administration could responsibly regulate digital assets like XRP and BTC.
Looking at Garlinghouse’s thread of tweets from yesterday, Garlinghouse says that he does understand Mnuchin’s doubts that crypto can replace the dollar and other fiat currencies and added that he has been thinking long and hard about Trump’s recent words on cryptocurrencies too.
The CEO of Ripple added that it is important to understand that a lot of legitimate businesses have been built around crypto-assets since Bitcoin’s was created over a decade ago.
Here are some of the highlights of the tweets.
“As Mnuchin indicated, the entire crypto industry should not be painted with one broad brush – it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop. When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions.
I hope there is no ‘ignoring, laughing or fighting’ as it relates to regulation of crypto. If we want to maximize progress forward, it’s about working with the existing financial system – not against it. If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy.”
Take a look at Garlinghouse’s full Twitter thread here.
Garlinghouse noted that the speed of Ripple’s native currency, XRP is like no other and is well-equipped to meet the needs of many financial institutions.
“XRP is uniquely equipped to solve a multi-trillion dollar problem by offering a dramatically faster and cheaper bridge for cross-border payments. Ripple already works with regulators, banks and financial institutions (like MoneyGram) to implement this around the world.”